ADM 3313 Lecture Notes - Lecture 1: Gross Margin, Psychographic, Plastic Surgery

• School: University of Ottawa
• Department: Administration
• Course: ADM 3313
• Professor: Stephen Daze

Document Summary

Lecture 1 - exploring business ideas and opportunities. The first major step in this process is the recognition of an appropriate opportunity by the entrepreneur. Opportunity recognition refers to the possibility for new profit potential through (a) the founding of a new business or (b) the significant improvement of an existing business. Figure 2. 1 illustrates the relationship between an entrepreneur, his or her environment, and an opportunity to potentially start a new business. Incubation - the part of the process where the individual contemplates an idea or a specific problem. Insight - the moment of conscious awareness that the idea may in fact represent an entrepreneurial opportunity (i. e. eureka or aha moment) Ideas fall into one of these three basic categories: cater to consumers in new markets (type a) 2: provide consumers with new or more benefits than competitive offerings currently available in. Introduce new technologies to the marketplace (type b) the marketplace (type c)